Posted on 08/13/2018 7:38:43 AM PDT by SeekAndFind
Maybe they should try socialism. Oh, wait - never mind.
“Comrades, this is Civic Cloward-Piven in action. Once our useful idiots in all the Democrat led municipalities follow suit, our goal of the universal Soviet will be close!!!” - Some anonymous Socialist
One “innovative” and “untested” “fiscal scheme” for Chicago is to begin cutting spending and eliminate the rampant fraud, waste, and abuse.
Sounds like a fantastic idea! Yes, let’s put more taxes on the backs of suburbanites and farmers to subsidize gang bangers. /s
I weep for my hometown.
Who in their right mind would buy these bonds?
This absurdity would not (could not) exist, and we wouldn’t be subject to long-term leftist statism, if we had a gold-backed currency.
Chicago has done some crazy things. Such as, they borrowed against anticipated parking meter revenues for the next 75 years. They got about $1 billion, as I recall, from that deal.
But that money was all gone within a year.
Chicago cannot blame their problems on Republicans. Democrats have run Chicago for generations, so if Rahm Emmanuel tries to make some political statement, he can’t realistically do so.
I think they have considered some things, such as professional services tax, which would be a tax on your CPA or law firms business. But that probably can’t raise enough revenue to balance their budget.
Yes, to paraphrase Margaret Thatcher,they have pretty much run out of other people’s money.
Chicago got the government they deserve.
Maybe they could tax the youth gangs, who have laid waste to big areas of the city. They have lots of illegal income from God knows what they are doing.
sarcasm
“Chicago’s bonds, graded as “junk” by analysts,..”
Chicago is junk.
I’d loan them an anchor if they were drowning.
The Dems are setting up a sale of Chicago to muslims by mortgaging the city to them. Who else would pay for something at less than junk bond credit rating? Hussein Obama wants his Presidential Palace to include a mosque there. Soros has the $Billions, and Islam has the mayhem Soros want to implement in the U.S.
Subtract out the Chicago metro area and the state of Illinois is actually for the most part financially viable.
Tobacco Settlement Disease. It ain’t just Chicago.
So, the pension debt is three times their annual tax revenues from all sources. And their general obligation bonds are about a year’s revenue.
They need a CPA to study their finances. I’m sure someone has done some studies.
Perhaps the solutions, such as trimming expenditures, which could lead to layoffs of teachers and city workers, is politically impossible?
I think I heard the city owns O’Hare? If so, maybe they could sell the airport,and get a one time infusion of cash?
Then again, one time infusions of cash don’t seem to resolve their nightmarish financial issues.
Anyone who buys any Chicago Debt should have his/her head examined.
Cook county is an excellent place to not live.
They need more tolls on the roads. And double the price of metered parking. Double all taxes on everyone. No, triple them. Put toll booths on sidewalks so pedestrians have to pay $3 per block walked. Tax the buildings, $10 per square foot of space. Put a $15 tax on every Bear, Cub, Bull, Sox and Blackhawk ticket. Tax joggers. Tax bikers. Tax boaters. Tax everything.
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